The telecom industry is furiously competitive, with companies engaging in mergers and acquisitions in order to gain leverage over other firms. There’s also the convergence of many services that are on offer to customers, so they have multiple choices and bundled plans to choose from. This provides different pricing and strategy options for telecom providers. One way telecoms can gain a competitive advantage and best plan their strategies is through the use of business intelligence (BI) platforms.
Let’s focus on the benefits of business intelligence applications for telecoms, specifically as they relate to the customer experience and how BI can boost customer retention and satisfaction. These are two metrics that tie directly to the success of a telecom firm more than any others. When it comes to first implementing BI and picking the right platform, telecom firms should consider working with a qualified IT consulting partner such as TechBlocks which can guide them through the process.
Improve Customer Retention Metrics
Business intelligence applications for telecoms are powerful because one of their core functions is fundamentally about discovering “what went wrong” and “how it can be fixed.” This can be applied to campaigns that didn’t produce the intended results, and customers that are leaving at an unacceptable rate.
Here’s some ways BI can improve retention for telecoms:
- Installation and disconnection activities can be spotted early on, so telecoms can change strategies and reach out to disgruntled employees. The rates of disconnection can be analyzed for finance to see how they will impact revenue numbers.
- Armed with BI-produced data about the reasons for disconnection, marketing can then formulate tailored messages that fix or allay the particular concerns, providing a more personal and relevant experience.
- With self-serve and mobile capabilities, BI enables more timely responses, so customers can be provided with follow-up communications or the “next steps” quickly, so they are less likely to become frustrated with the brand experience.
Improve Customer Experience
BI also can guide telecom managers on optimizing their customer experience:
- Analyzing data within the BI platform can identify customers that would benefit by bundling their services.
- Customer feedback information can be reviewed to proactively spot areas of poor cell service or other similar performance problems. Business intelligence applications can be leveraged to identify small problems that have the potential to exponentially increase in severity.
- Both structured and unstructured customer feedback data from multiple channels that is funneled into the BI solution can be used by customer service to connect with customers on a one-on-one or group basis, with tailored and relevant responses.
- Integrating BI with CRM systems and other applications provides employees with the tools they need to address customer needs. A positive feedback loop can be formed when employees can serve customers properly, as the customers become happier, and the employees become more loyal to their employer. This loyalty then improves their ability to serve the customers. There’s the loop!
On the technical side, telecoms can leverage big data and business intelligence applications to identify when spikes in demand are expected, and they can take preventive action if necessary. Dropped call data can be combined with other data points and perhaps unexpected insights into the root causes of the dropped calls can be discovered.
BI provides marketers with the tools they need for targeted offers because it is data-based analysis at the most granular level. Telecom firms that employ advanced BI tools, such as Microsoft Power BI, no longer need to divide their customers into “current customers” and “prospects.” They can segment them much more richly, with certain offers for current customers that make the most logical sense, and tailor messages to prospects based upon how far along the prospect is in the brand journey.
Managing tech initiatives at a telecom firm and desiring to gain that competitive advantage? Talk to the skilled team at TechBlocks who can help you leverage business intelligence software for an optimal customer experience.
Visit www.tblocks.com to learn more.